Debt ratios by institutional sectors - international comparisons 2023Q3
Published on 16 February 2024
France's debt ratios, both for households and for non-financial corporations, remain the largest ones among the main euro area economies
Non-financial private sector debt ratio (in % of GDP)![]()
In the third quarter of 2023, the non-financial private sector debt ratio falls again compared with the previous quarter, due to GDP growth at nominal value in the four areas (USA, Japan, euro area and UK).
In the euro area, compared to the previous quarter, the private debt ratio declines more in Spain (-3.1 pp) than in Italy (-2.4 pp) and Germany (-1.8 pp) which are converging at around 100%. The French ratio also falls by 1.1 percentage points and stands at 140.8% of GDP, a level that remains the largest one among the main euro area economies, both for households and for non-financial corporations (62.8% and 78% respectively).
The net debt of French non-financial corporations, i.e. gross debt less the treasury in the asset side, is also higher than in the largest European countries: 39.4% in France compared to 33.9% in Italy, 30.8% in Germany and 28.8% in Spain (28.2% on average in the euro area).
In the euro area, compared to the previous quarter, the private debt ratio declines more in Spain (-3.1 pp) than in Italy (-2.4 pp) and Germany (-1.8 pp) which are converging at around 100%. The French ratio also falls by 1.1 percentage points and stands at 140.8% of GDP, a level that remains the largest one among the main euro area economies, both for households and for non-financial corporations (62.8% and 78% respectively).
The net debt of French non-financial corporations, i.e. gross debt less the treasury in the asset side, is also higher than in the largest European countries: 39.4% in France compared to 33.9% in Italy, 30.8% in Germany and 28.8% in Spain (28.2% on average in the euro area).
Non-financial private sector debt (in % of GDP)
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | |
| United States | 155.4 | 154.5 | 152.9 | 151.6 | 150.0 |
| Japan | 171.7 | 173.0 | 170.2 | 168.6 | 168.0 |
| Euro area | 118.7 | 116.4 | 113.9 | 112.2 | 110.5 |
| o/w Germany | 107.4 | 106.9 | 104.8 | 103.8 | 102.0 |
| France | 146.8 | 146.1 | 144.1 | 141.9 | 140.8 |
| Italy | 106.0 | 104.7 | 102.3 | 101.4 | 99.0 |
| Spain | 115.9 | 112.2 | 107.5 | 104.7 | 101.6 |
| United Kingdom | 137.7 | 135.0 | 133.1 | 130.1 | 129.6 |
Households debt ratio (in % of GDP and % of GDI)![]()
Households debt
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | |
| United States | 103.5 | 103.0 | 101.6 | 100.8 | 99.9 |
| 135.8 | 136.2 | 134.1 | 132.5 | 131.2 | |
| Japan | 67.9 | 68.1 | 67.5 | 66.9 | 66.2 |
| 115.8 | 116.2 | 116.2 | 116.1 | 117.0 | |
| Euro area | 57.9 | 57.1 | 56.0 | 55.3 | 54.5 |
| 95.5 | 94.0 | 92.0 | 90.4 | 89.1 | |
| o/w Germany | 55.6 | 55.0 | 54.1 | 53.4 | 52.8 |
| 89.9 | 88.5 | 86.9 | 85.6 | 84.9 | |
| France | 65.4 | 65.1 | 64.7 | 63.6 | 62.8 |
| 102.0 | 101.0 | 99.8 | 97.8 | 96.3 | |
| Italy | 41.4 | 40.9 | 40.1 | 39.6 | 39.0 |
| 63.0 | 62.1 | 60.8 | 60.1 | 59.3 | |
| Spain | 53.7 | 52.3 | 50.4 | 49.9 | 48.0 |
| 86.3 | 84.6 | 81.6 | 79.9 | 76.5 | |
| United Kingdom | 83.8 | 82.9 | 81.4 | 80.1 | 79.7 |
| 131.8 | 129.5 | 126.9 | 124.1 | 122.7 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | |
| United States | 52.0 | 51.5 | 51.3 | 50.7 | 50.1 |
| Japan | 103.9 | 104.9 | 102.7 | 101.7 | 101.8 |
| Euro area | 60.8 | 59.3 | 58.0 | 56.9 | 56.0 |
| o/w Germany | 51.9 | 52.0 | 50.8 | 50.4 | 49.2 |
| France | 81.4 | 81.0 | 79.5 | 78.3 | 78.0 |
| Italy | 64.6 | 63.8 | 62.2 | 61.8 | 60.0 |
| Spain | 62.2 | 60.0 | 57.1 | 54.8 | 53.6 |
| United Kingdom | 54.0 | 52.1 | 51.7 | 50.1 | 49.9 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
Net cash debt ratio of non-financial corporations (in % of GDP) ![]()
Net cash debt ratio of non-financtial corporations (in % of GDP)
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | |
| United States | 38.4 | 37.5 | 37.6 | 36.6 | 35.3 |
| Japan | 41.5 | 44.1 | 40.1 | 39.4 | 40.5 |
| Euro area | 30.6 | 29.1 | 29.0 | 29.1 | 28.2 |
| o/w Germany | 31.4 | 31.1 | 31.5 | 33.6 | 30.8 |
| France | 40.1 | 39.7 | 39.2 | 39.1 | 39.4 |
| Italy | 37.2 | 36.3 | 37.0 | 36.4 | 33.9 |
| Spain | 35.0 | 33.5 | 32.2 | 30.0 | 28.8 |
| United Kingdom | 17.8 | 17.8 | 18.8 | 17.9 | 18.2 |
General government sector debt ratio (in % of GDP)![]()
In the euro area, the general government debt ratio decreases by 0.4 percentage points compared to the previous quarter due to nominal GDP growth in the denominator. It stands at 89.9% of GDP in 2023 Q3. However, debt in the numerator of this ratio continues to increase (cf. breakdowns p5). This debt ratio falls more in Italy (-1.9 pp) than in Spain (-1.4 pp) and increases slightly in Germany (+0.1 pp). It is stable in France (111.7%), with the stock of public debt and GDP evolving at a similar pace.
Outside the euro area, the public debt ratio decreases in the United Kingdom (-1.1 pp) and more sharply in Japan (-3.9 pp). By contrast, it rises in the United States (+1.5 pp).
Outside the euro area, the public debt ratio decreases in the United Kingdom (-1.1 pp) and more sharply in Japan (-3.9 pp). By contrast, it rises in the United States (+1.5 pp).
Government sector debt (in % of GDP)
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | |
| United States | 118.0 | 117.3 | 115.8 | 117.2 | 118.7 |
| Japan | 236.9 | 236.5 | 236.3 | 234.6 | 230.7 |
| Euro area* | 92.2 | 90.9 | 90.7 | 90.3 | 89.9 |
| o/w Germany | 66.8 | 66.1 | 65.7 | 64.7 | 64.8 |
| France | 113.4 | 111.8 | 112.4 | 111.7 | 111.7 |
| Italy | 143.1 | 141.7 | 140.9 | 142.5 | 140.6 |
| Spain | 114.0 | 111.6 | 111.2 | 111.2 | 109.8 |
| United Kingdom * | 99.2 | 100.4 | 99.4 | 101.2 | 100.0 |
* "Maastricht" definition NSA (nominal value) for European Union countries.
Additional information
For each sector (NFC, Households and General government), the French debt includes outstanding loans from resident and non-resident MFI (i.e. both loans between resident NFCs and between non-resident NFCs are excluded) and issued securities other than shares at nominal value.
Disseminated data of other countries are less detailed. NFC's net loans are therefore estimated by deducting loans assets, which mainly covers loans to resident and non-resident affiliated entities, from loans liabilities.
Disseminated data of other countries are less detailed. NFC's net loans are therefore estimated by deducting loans assets, which mainly covers loans to resident and non-resident affiliated entities, from loans liabilities.
Breakdown of the change in the ratio of households debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| United States | -0.9 | 0.6 | -1.5 |
| Japan | -0.7 | 0.4 | -1.1 |
| Euro area | -0.8 | 0.0 | -0.8 |
| o/w Germany | -0.6 | 0.2 | -0.8 |
| France | -0.9 | 0.0 | -0.9 |
| Italy | -0.5 | -0.1 | -0.4 |
| Spain | -1.9 | -1.1 | -0.9 |
| United Kingdom | -0.4 | 1.0 | -1.4 |
Breakdown of the change in the ratio of non-financial corporations debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| United States | -0.7 | 0.1 | -0.8 |
| Japan | 0.1 | 1.7 | -1.6 |
| Euro area | -0.9 | -0.1 | -0.8 |
| o/w Germany | -1.2 | -0.5 | -0.7 |
| France | -0.3 | 0.8 | -1.1 |
| Italy | -1.9 | -1.2 | -0.7 |
| Spain | -1.2 | -0.3 | -1.0 |
| United Kingdom | -0.1 | 0.8 | -0.9 |
Breakdown of the change in the ratio of General government sector debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| United States | 1.5 | 3.3 | -1.8 |
| Japan | -3.9 | -0.2 | -3.7 |
| Euro area | -0.4 | 0.8 | -1.2 |
| o/w Germany | 0.1 | 1.1 | -1.0 |
| France | 0.0 | 1.5 | -1.5 |
| Italy | -1.9 | -0.2 | -1.7 |
| Spain | -1.4 | 0.6 | -2.0 |
| United Kingdom | -1.1 | 0.7 | -1.8 |
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